This indicator is basically the combination of two indicators Eliot and Fibonacci. The Eliot Fibonacci indicator or used for trading purpose. This indicator work with the help of waves that represent result on the chart.
Eliot + Fibonacci Indicator
The Fibonacci numbers and Eliot waves are used for trading. Fibonacci numbers are used in the correction of the problems that occurs during trading.
The wave procedure of this indicator is as follows:
The first wave is not used for trading. But this can be used for trading analysis.
The second wave tells the trading trend of the market by taking different ratios of different time frames.
The third wave is used for long term trading and give long trading results.
This is a special and important wave in this indicator. Because this indicator shows the results of profit. We can say this wave is used for profit gaining.
The fifth wave displays the result on the base of all previous wave results.
This indicator totally use five wave scheme for displaying the different trading results. These five wave scheme is also divided into two different phases. Such as impulsive phase and the second is corrective phase.
This is a type of indicator that can be used for the combined indicator analysis.
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